Ellie Mae ® (NYSE: ELLI), a leading provider of enterprise-level, on-demand automated solutions for the residential mortgage industry, today released its Origination Insight Report for November 2013. The report draws its data and insights from a robust sampling of the significant volume of loan applications—more than 20% of all originations in the United States—that flow through Ellie Mae’s Encompass ® mortgage management software and the Ellie Mae Network™.
MONTHLY ORIGINATION OVERVIEW FOR NOVEMBER 2013
6 Months Ago (May 2013)*
1 Year Ago (November 2012)*
|Days to Close|
|ARMs vs. Fixed, Length, Rate|
|15 Year %||14.5%||15.5%||16.4%||16.7%|
|30 Year – Note Rate||4.526||4.750||3.747||3.600|
*All references to months should be read as month ended.
PROFILES OF CLOSED AND DENIED LOANS FOR NOVEMBER 2013
Closed First-Lien Loans (All Types)
Denied Loans (All Types)
|FICO Score (FICO)||729||694|
More information and analysis of closed and denied loans by loan purpose and investor are available in the full report at http://www.elliemae.com/about-us/news-reports/ellie-mae-reports/ .
To get a meaningful view of lender “pull-through,” Ellie Mae reviewed a sampling of loan applications initiated 90 days prior (i.e., the August 2013 applications) to calculate an overall closing rate of 53.1% in November, up from 51.4% in October 2013 (see full report).“Refinances increased by six percentage points in November, the first time in ten months refinance share increased on a month-over-month basis,” said Jonathan Corr, president and chief operating officer of Ellie Mae. “This was probably attributable to the quarter of a point decline in the interest rates on the 30-year note in November, which declined to 4.526. “HARP-related refinancing activity also increased, as conventional refinances at 95%-plus LTV rose to 8.30% in November from 7.30% in October.
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